Manufacturing Industry
Malev privatization fails
Airline Industry Information, April 1, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
Hungary's government has declared invalid the privatization tender for a 99.95% stake in Hungarian national airline Malev, the state privatization agency said on Thursday (31 March).
According to the agency, three groups of investors presented valid bids in the tender, but their offers did not fulfil the business conditions set by the government. The bidders were required to show credit guarantees to cover the airline's debts, which amount to HUF36bn.
The government will start new negotiations with potential buyers, among them the three bidders from the last tender. The agency did not disclose the names of the three investors.
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